E Squared Investments has made its first ever private equity fund investment. The firm has committed capital to Old Mutual South Africa Private Equity Fund VI.
This E Squared Old Mutual private equity partnership marks a notable step for both organizations.
It alsosignals something bigger for how South African institutional capital approaches private markets.
E Squared is a South African impact investor. It typically operates in venture capital and early-stage private equity.
The firm described this move as a deliberate step to anchor the later end of its risk curve.
That later stage positioning is meant to create steady distributions.
Those returns can then be recycled into the earlier stage, catalytic investments that sit at the core of E Squared’s mandate.
Why This South Africa Private Equity Investment Matters
Yasthira Ramdenee, E Squared’s head of growth investments, explained what drew the firm to this deal.
She said Old Mutual Private Equity’s ability to identify high quality, commercially resilient businesses stood out.
She added that these investments show how private equity can build lasting value.
That value comes through stronger skills development, wider access to employment, and solid returns for investors.
Pyi Maung, E Squared’s chief investment officer, framed the deal around portfolio strategy.
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He said the commitment anchors the later end of the firm’s risk curve. It generates distributions that can be recycled into earlier stage, catalytic investments.
He also pointed to strong alignment between E Squared’s Fund of Funds strategy and OMPE’s long track record.
This kind of South Africa private equity investment reflects a broader trend among impact focused investors.
Many are looking to blend risk profiles across their portfolios. Later stage, cash generative private equity funds provide steady distributions.
Those distributions then help fund riskier, earlier stage bets elsewhere in the portfolio.
Inside Old Mutual Private Equity 2026 Strategy
Old Mutual Private Equity 2026 activity centers on Fund VI, which was established in 2023.
The fund focuses primarily on investments within South Africa. It has flexibility to allocate up to 25 percent of capital to the rest of Africa, with a preference for East Africa.
Fund VI has already made notable investments. These include Much Asphalt, a leading asphalt and bitumen supplier supporting South Africa’s road infrastructure.
The fund has also backed Honoris United Universities, a pan-African higher education platform.
That platform serves more than 100,000 students across 26 cities and 16 institutions in South Africa, Morocco, and Nigeria.
Jacci Myburgh, Co-head of OMPE, welcomed E Squared as an investor in Fund VI.
He pointed to strong alignment between the two organizations around long-term investing, partnership, and impact.
Chumani Kula, also Co-head of OMPE, said the fund’s focus remains on partnering with management teams to build stronger, more sustainable businesses over time.
The Track Record Behind South African PE Institutional Investment
Understanding South African PE institutional investment trends requires looking at OMPE’s history.
The firm has more than two decades of private equity experience across multiple sectors and market cycles.
Since its founding in 2000, OMPE has invested around R15 billion across 39 transactions.
It has delivered R40 billion in realised and unrealised value across 27 exits.
OMPE has also been involved in some of South Africa’s largest private equity de-listings.
These include Pepkor, Consol, Life Healthcare, and Long4Life. The firm has supported roughly 28,000 jobs across its recent funds.
That scale places OMPE among the largest and most established private equity managers on the continent.
What This Signals for the Broader Market
E Squared’s commitment to Fund VI suggests growing confidence among South African impact investors in established private equity managers.
Rather than building every allocation from scratch, some investors are choosing to partner with firms that already have deep networks and long track records.
This pattern could matter for the wider industry.
As more institutional and impact focused investors follow E Squared’s lead, established managers like OMPE may see increased demand for later stage, resilient investment vehicles.
That, in turn, could strengthen the pipeline of capital available for South Africa’s mid-market growth companies in the years ahead.
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